2023-11-07 21:27:17
Although people are increasingly doubtful whether the Federal Reserve will raise interest rates, the decline in U.S. bond yields supported the stock market. The main U.S. stock index closed higher on Tuesday (7th), Microsoft hit a record high, and AMD, Broadcom and Intel provided support under the “Chip Act” Before the funds, shares were up regarding 2%. The S&P closed 0.4% lower on Tuesday, posting its seventh consecutive session of gains for the first time since November 2021.
The U.S. Treasury yield curve is rising,10-year U.S. Treasury yieldIt fell 9 basis points to 4.57%. The 2-year U.S. Treasury yield fell 2 basis points to 4.92%.
On the political and economic front, Federal Reserve officials continued to make statements on Tuesday. Minneapolis Fed President Neel Kashkari said on Tuesday that policymakers have not yet won the battle once morest inflation and will consider further tightening if needed. Chicago Fed President Austan Goolsbee said officials did not want to “pre-empt” interest rate decisions.
Fed Governor Bowman said she still believes the central bank needs to raise interest rates to curb inflation, but she added that U.S. bond yields have soared since September, leading to tighter financial conditions. Federal Reserve Governor Christopher Waller said higher yields have tightened financial conditions and may remove some of the momentum for further rate hikes.
On the geopolitical front, the Israel Defense Forces (IDF) confirmed that 30 Israeli soldiers have been killed in fighting in Gaza since the war began. So far, more than 10,000 Gazans, mostly civilians, have been killed. Despite a phone call between U.S. President Joe Biden and Israeli Prime Minister Benjamin Netanyahu to discuss the possibility of a tactical ceasefire, Netanyahu reiterated that there will be no ceasefire in Gaza unless Hamas agrees to release Israeli hostages.
Performance of the four major U.S. stock indexes on Tuesday (7th): Five of the 11 major S&P sectors ended in the red, with consumer discretionary and information technology leading the gains, and energy stocks finishing in the red and last. (Image: finviz) Focus Stocks
The five kings of science and technology collectively moved higher. Alphabet (GOOGL-US) up 0.55%; Meta (META-US) rose 0.96%; Apple (AAPL-US) rose 1.45%; Microsoft (MSFT-US) rose 1.12%; Amazon (AMZN-US) rose 2.13%.
Dow JonesComponents were mixed. Intel (INTC-US) rose 2.16%; Salesforce (CRM-US) rose 2.13%; Nike (OF THE US) rose 1.97%; Chevron (CVX-US) fell 1.76%; Dow Chemical (DOW-US) fell 1.64%.
half feeMore than half of the constituent stocks ended higher. Qualcomm (QCOM-US) rose 0.66%; Huida (NVDA-US) rose 0.45%; Micron (MU-US) fell 0.16%; Applied Materials (AMAT-US) rose 0.98%; AMD (AMD-US) rose 1.52%; TI (TXN-US) fell 0.62%.
Taiwan stocks ADR closed in the red. TSMC ADR (TSM-US) fell 0.21%; ASE ADR (ASX-US) fell 1.25%; UMC ADR (UMC-US) rose 0.26%; Chunghwa Telecom ADR (CHT-US) fell 0.41%.
Corporate News
apple (AAPL-US) closed at a 1.45% dividend to $181.82 per share. Apple was rumored last week to briefly halt development of software updates for next year’s iPhone, iPad, Mac and other devices in order to root out problems in the code.
Microsoft (MSFT-US) closed with a 1.12% dividend at $360.53 per share, reaching a record high and rising for the eighth consecutive trading day, the longest consecutive winning streak since January 28, 2021.
EHang Intelligent (EH-US) fell 12.70% to $13.06 per share. Hindenburg Research, a short seller, took a swipe at EHang, a Chinese smart autonomous aircraft technology company, on Tuesday, pointing out that the company seems to have serious credibility problems, including empty orders and false sales.
Ventyx Biosciences (VTYX-US) plunged 80.62% to $2.73 per share following the biotech said it would terminate a Phase 2 trial of VTX958 to treat plaque psoriasis and psoriatic arthritis because efficacy results did not meet internal targets to support further development. The update prompted a downgrade from Wells Fargo.
Video software company Vimeo (VMEO-US) shares surged 6.27% to $3.56 per share following reporting better-than-expected third-quarter revenue and raising full-year adjusted EBITDA guidance.
Cloud software company Datadog (DOG-US) soared 28.47% to $102.20 per share. Datadog reported better-than-expected third-quarter earnings and raised its full-year forecast.
Uber (UBER-US) surged 3.70% to $49.92 per share following Uber on Tuesday forecast fourth-quarter adjusted core profit and total bookings to be higher than market expectations, betting that the holiday season would boost demand for its ride-hailing and food delivery services.
Wall Street Analysis
Arthur Hogan, chief market strategist at B. Riley Wealth, said he wouldn’t be surprised if stocks were choppy for a few days as markets digest last week’s big moves in bonds and stocks while investors wait for the next big catalyst. . ”
Wolfe Research strategist Rob Ginsberg warned: “The rally in early November may soon stall, and every rally since the July high has stalled before hitting a new 1-month high and then falling back to 1. A new monthly low is the definition of a downtrend.”
Mona Mahajan, senior investment strategist at Edward Jones, said optimistically: “As yields go lower, the growth part of the market tends to see a bigger rebound, and cooling oil prices may also help boost inflationary sentiment.”
The figures are all updated before the deadline, please refer to the actual quotation.
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